its fiscal kluck with soaring tax hikes for nearly every household in the country. >> it's a huge tax increase, much larger than we have seen. it's more than $500 billion for next year alone. >> upper-income taxpayers in the top 1% would see an average tax increase of more than $120,000. in the middle, they will be hit with about $2,000 more in taxes. most income taxpayers making less than $20,000 can expect to pay $400 more. >> the stroke of midnight december 31st, all of these will occur. will have a whole new tax world. higher taxes. warpers paycheck in january will be smaller. >> lawmakers not expected to do anything until after the election in november. >> is all or nothing? is there a chance they could survive partially? >> they still have to figure it out. there are some bush administration tax cuts all the way through the obama administration. what they're going to do is figure out they will renew some of them, let them expire. bottom line -- we will all feel the pain, it's just a question of how much. >> will be interesting to see if they discuss that in the debate might.